Wall Street Rises on Tech Gains and Gold Surge

Wall Street advanced with boosts from Meta and Tesla and a gold surge amid potential U.S. tariffs. While the Fed held steady on rates, Tesla unveiled plans for affordable EVs, and U.S. growth remained robust but slow. European markets also saw gains as ECB measures influenced sentiment.

Wall Street shares moved upwards on Thursday, influenced by positive updates from tech giants Meta and Tesla, alongside a record-breaking gold price as the U.S. dollar strengthened amid potential new tariffs. The Federal Reserve maintained its current interest rate policy on Wednesday, aligning with projections and indicating no immediate plans to reduce rates further, according to Fed Chair Jerome Powell.

In the market, U.S. stocks ended the day on a high as key earnings reports were absorbed by investors. The Dow Jones Industrial Average and S&P 500 both recorded increases, while Tesla shares saw a nearly 3% rise due to upcoming plans for affordable electric vehicle models and autonomous car services. Microsoft experienced a downturn despite beating revenue projections due to a disappointing cloud computing outlook, while Meta's cost-cutting measures increased its stock.

The economic landscape showed slower U.S. growth in the last quarter of 2022, yet remained strong enough to predict gradual Fed rate reductions. Meanwhile, commodity prices adjusted with gold reaching new heights partly from tariff anxieties, and fluctuating oil prices due to possible U.S. tariffs on North American crude imports.

(With inputs from agencies.)